ECB criticises banks' relocation plans after Brexit

Central bank warns against setting up 'empty shell' operations in euro area without adequate staff

The European Central Bank has warned banks that some of their Brexit plans are inadequate as they involve setting up "empty shell" operations in the EU that are not properly staffed.

The Frankfurt-based institution said "elements in a number" of relocation plans submitted by banks that use the UK as their gateway to the EU "did not fully meet" its expectations.